Gold Scalps Idea
Another intraday scalp I took on gold, I mostly use 30 min as confirmation and execution on trades. Gold had push further up after economic news data at 8:30am, I was anticipating this bullish move up but I missed it because I was grocery shopping, but the nature of gold, there is more than likely a correction that occurs which happened at 11:00am. I waited on the retest to my mark supply/resistance level of 1843.54 and executed a sell as price rejected that level. Now where I have marked as supply level was a lower time frame resistance zone, which price took some time to break, during this period of indecision with price looming that area, I was already around 10 pips up but my take profit was not until another 40-50 pips. And so I TRUSTED my intuition, my trading plan and my decision ,If I closed the trade now there is a high probability I am leaving money on the table. So I had to recognize those emotions going through my head , accept my risk and accept the outcome. But I've been looking at charts, and reading gold movements for quite sometime now and I saw this opportunity which occurs quite often, where price rejects a supply/resistance zone and then falls down back to a nearby demand/support area. That was my take! hope you enjoyed this little read and share your thoughts and ideas, really want to get into this community!
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